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Chinese steel traders are making the best of the last few days of March to profit by selling their inventories at the price still including 16% VAT but issuing invoices next month when the VAT will be revised to 13% starting April 1, Mysteel understands from the market.
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China’s two top-level political annual sessions every March are always of great significance in understanding the country’s economic planning for the very year and China’s Premier Li Keqiang sent out a firm and strong signal last Friday, immediately after both the events were concluded, that the country is capable of maintaining its economic growth within a reasonable range and achieving stability in 2019.
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China will reduce the value-added tax (VAT) which manufacturers currently pay to 13% from April 1 from the 16% currently in place, Chinese premier Li Keqiang told media representatives at a press conference on Friday morning following the conclusion of the “Two Sessions” political meetings convened in the capital over the past two weeks.
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China's premier Li Keqiang disclosed at the ongoing press conference in Beijing on the morning of March 15that the value-added tax on the domestic manufacturers will be cut to 13% from the present 16% with effect on April 1. A detailed report on the press conference will be posted once
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China’s fixed asset investment (excluding rural households) increased 6.1% on year to nearly Yuan 4.5 trillion ($670 billion) for January-February, with the growth rate also up 0.2 percentage point from that for the whole 2018, according to the latest data released by the country’s National Bureau of Statistics on March 14.
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China's fixed asset investment in general grew 6.1% on year to Yuan 4.5 trillion for January-February. A detailed story will be posted soon.
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China's coke production grew 7.6% on year to 73.9 million tonnes over January-February. A detailed report will be published soon.
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China's crude steel output grew 9.2% on year to 149 million tonnes for January-February. A detailed report will be posted soon.
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China's fixed asset investment in the property market went up 11.6% on year to Yuan 1.2 trillion ($179 billion) over January-February. A detailed report will be posted soon.
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China’s steel industry is in general excited at the news on Beijing’s mulling cutting the value-added tax (VAT) on the domestic manufacturers and small and micro enterprises to 13% from the present 16%, possibly in 2019, expecting the measure to reduce their production costs, helping them enhance their competitiveness especially in the global market, according to market sources on March 5 and 6.
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China’s domestic sales of heavy trucks in the 14- to 100-tonnes class reached 75,000 units in February, a seven-year second high for February business though last month’s total was 24% lower than sales in January, according to the latest release by Beijing-headquartered Commercial Vehicle World (CVWorld) on March 4.
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China has been progressing steadily in the shift towards eco-friendly energy consumption model by having further reduced coal proportion in energy consumption by 1.4 percentage points on year to 59%, according the latest statistics from China’s National Bureau of Statistics (NBS).
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China’s Premier Li Keqiang drafted a few economic development targets including a gross domestic product (GDP) growth at 6-6.5% and proposed a series of measures to support the domestic economic performance for 2019 when delivering his government report at the National People’s Congress annual session on March 5.
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China’s fixed asset investment (FAI) is expected to stabilize in 2019, following the large 15.5% jump in the number of proposed projects being approved in 2018 compared with 2017, according to a recent report on FIA by National Development and Reform Commission published on February 26.
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The US President Donald Trump announced his decision on his twitter to delay imposing the heavier 25% duties on the existing batch of Chinese goods worth $200 billion beyond March 1.
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New data from China’s central bank on Friday showing a surge in lending in January has sent positive signals to the country’s ferrous market as the sector expects the softening of financing and credit conditions should give a fillip to demand for steel and steelmaking raw materials, Mysteel has learned.
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Sales of construction equipment achieved by China’s 25 leading excavator makers totalled 15,877 units in January, up by a moderately healthy 10% on year, according to new statistics released by the China Construction Machinery Association (CCMA) on February 15.
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For January, China’s imports of coal and lignite surged 19.5% on year to 33.5 million tonnes, and the exports of coke
and semi-coke grew 4.4% on year to 716,000 tonnes. A detailed
report will be posted.
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China's January iron ore imports decreased 9.1% on year to 91.3 million tonnes. A detailed report will be posted.
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China’s energy consumption structure has been in the progress of optimization with the ratio from thermal coal down further by 1.4 percentage points on year for 2018 though the total consumption grew 3.3% on year, according to the latest release from the country’s National Bureau of Statistics (NBS).
